ALL revisions of the entire ASUS P2B family have the 1/4 PCI divider at 133MHz FSB. At 133MHz FSB, the PCI bus will run at 33MHz.
There are no problems using PC133 SDRAM with the P2B.
There is no AGP 1/2 divider, so at 133MHz FSB, AGP speed will be 89MHz.
Underclocking the memory and the graphic processor will not help if your video card cannot handle it. Most of the latest video cards, ie nVidia GeForces, can handle the higher AGP speed. Ensure that sidebanding is switched OFF to prevent problems. There are many video cards that will only run at 89MHz AGP with sidebanding off.
You must make sure that you have the latest BIOS, which includes support for Coppermine CPUs. Version 1012 Final is available
here while version 1013 Beta 007 is available
here.
The only thing that you should really be worried about is voltage support. PCB revs of the P2B prior to 1.12 DO NOT have voltage support for Coppermines. If you have a PCB rev earlier than 1.12, you can make a Coppermine work by using an FC-PGA processor, slotket and manually setting the voltage. While the P2B may not go down as low as 1.65 volts (or 1.70 volts for cC0 processors), all PCB revs will go down at least as far as 1.80 volts. Set the slotket voltage to 1.80 volts and you should be fine, as well as get a good boost for overclocking.
Good luck.